The Saudi-Arabia-based insurance tech startup DESAISIV announced it secured a US$2 million pre-Seed round from 500 Global, Terra VC Oqal, and other investors across the MENA region, the UK, and the US.
The company also secured a US$100,000 grant from Saudi accelerator Taqadam earlier this year.
The funding will boost DESAISIV’s growth in the MENA region, enabling them to develop further AI products, expand their operations and teams, and venture into new markets.
The startup is mainly providing AI-powered Saas products for medical insurance companies and third-party administrators (TPAs).
DESAISIV’s vision is to utilize cutting-edge AI solutions developed in collaboration with top machine learning scientists from the University of Oxford.
Saed Khawaldeh, co-founder and CEO of DESAISIV, said, “Our mission is to revolutionize the insurance sector by leveraging the limitless potential of artificial intelligence. We envision a future where insurance becomes smarter, more efficient, and, most importantly, tailored to customer needs.
“Benefiting from access to an extensive database of hundreds of millions of patient records, DESAISIV has achieved an impressive average prediction accuracy of over 95 percent,” Khawaldeh added.
Saed Khawaldeh added, “Our sights are set on a global revolution. By harnessing the power of AI, we are reshaping the insurance industry worldwide, empowering insurers and clients with unprecedented capabilities and paving the way for a brighter future.”
DESAISIV started in the UK before it expanded to Jordan, Saudi Arabia, and UAE.